INSUBCONTINENT EXCLUSIVE:
Russian ruble fell below 100 against the United States dollar
strengthen significantly.A falling currency pushes up the price of goods that use imported parts
Meanwhile, record labor shortages are driving wages higher, which also adds to price concerns.At a press conference following the decision,
goods, which was causing stubborn inflationary pressure across the economy
Inflation is currently running at 5.5%, the Bank said, and has risen fast in recent months
The Bank officially targets an inflation rate of 4%
It said Friday that the falling ruble had contributed to prices rising by 9.9% on a seasonally adjusted basis, which accounts for the fact
The economy has been heavily militarized since February 2022, with investment and workers redirected to boost the production of tanks,
0.5-1.5%, compared to 0.5-2.5% in July.Higher interest rates are designed to cool economic activity, by increasing the costs of borrowing
